Question 1

The actual metrics used to gauge performance on objectives are called ______________.

Accepted Answer

measures

Question 2

According to Drucker, managers should focus on the activity, not the result.

Accepted Answer

According to Drucker, managers shou ld focus on the result, not the activity

Question 3

The way that the firm is organized can affect goals and objectives in a number of ways.

Accepted Answer

The way a firm is organized can impact its ability to achieve its goals and objectives. For example, a decentralized organizational structure may promote greater creativity and flexibility in decision-making, whereas a centralized structure may increase efficiency but limit innovation. Additionally, the allocation of resources and responsibilities within the organization can also impact its ability to achieve its goals.

Question 4

It is usually top managers who set goals and objectives for the entire organization.

Accepted Answer

Top managers are responsible for setting the overall goals and objectives for the organization, which are then communicated to middle and lower-level managers for implementation.

Question 5

_____________ are very precise, time-based, measurable actions that support the completion of a goal.

Accepted Answer

The answer of _____________ are very precise, time-based, measurable actions...

Question 6

Goals and objectives serve to accomplish all of the following EXCEPT:
A) Gauge and report performance
B) Improve performance
C) Align effort
D) Align goals with objectives

Accepted Answer

Goals and objectives are designed to align goals with objectives, gauge and report performance, improve performance, and align effort. Therefore, accomplishing goals and objectives does not exclude any of the mentioned factors.

Question 7

______________ is a fundamental requirement and an integral part of strategic planning, and of principles of management more generally.

Accepted Answer

The answer of ______________ is a fundamental requirement and an...

Question 8

Management By Objectives (MBO) is a systematic and organized approach that aims to increase organizational performance by aligning the subordinate objectives throughout the organization with the overall goals set by management.

Accepted Answer

MBO is a well-established management approach that emphasizes setting specific objectives and goals, and then tracking progress toward achieving them. This helps to ensure that everyone in the organization is moving in the same direction and working towards the same outcomes. By aligning individual and team objectives with overall organizational goals, MBO can improve communication, focus, and accountability, and help to drive performance and innovation.

Question 9

_______________ is the net profit divided by total sales.

Accepted Answer

The answer of _______________ is the net profit divided by...

Question 10

_____________ are outcome statements that define what an organization is trying to accomplish.

Accepted Answer

The answer of _____________ are outcome statements that define what...

Question 11

Financial outcomes are often short-term in nature and consequently focusing too much on financial measures may lead managers to overlook other key factors that might be very important to the longer-term viability of the organization.

Accepted Answer

Financial measures may not provide a comprehensive view of the organization's health, as they often focus on short-term outcomes rather than long-term viability. Focusing solely on financial measures may cause managers to overlook important factors such as employee morale, customer satisfaction, and innovation, which are critical to the long-term success of the organization.

Question 12

Objectives typically include which of the following?
A) Be related directly to the values of the company
B) Reflect in the strategic plan
C) Be clear, concise, and understandable
D) Be stated in terms of the corporate mission

Accepted Answer

The answer of Objectives typically include which of the following?
A)...

Question 13

What are the characteristics of good objectives?

Accepted Answer

The answer of What are the characteristics of good objectives?...

Question 14

Functional areas, like accounting and marketing, will need to have goals and objectives that help show how those functions are contributing to the organization's goals and objectives.

Accepted Answer

Functional areas within an organization should have specific goals and objectives that align with the overall goals and objectives of the organization. This helps to ensure that each function is contributing to the success of the organization as a whole.

Question 15

Goals and objectives provide a form of control since they create a feedback opportunity regarding how well or how poorly the organization is executing its strategy.

Accepted Answer

Goals and objectives act as a form of control by providing a benchmark for measuring the organization's performance in executing its strategy. This feedback helps in making necessary adjustments and improving future strategic decisions.

Question 16

Examples of measures used in objectives include which of the following?
A) Staff morale
B) Financial goals
C) Stock price
D) New product development

Accepted Answer

The answer of Examples of measures used in objectives include...

Question 17

Goals and objectives are a basis for _______________ systems, and can align interests and accountability within and across business units.

Accepted Answer

The answer of Goals and objectives are a basis for...

Question 18

Goals are typically not set for the organization, but for the stakeholders outside the organization.

Accepted Answer

Goals are typically set for the organization as a whole

Question 19

Goals and objectives are a not a basis for reward systems.

Accepted Answer

Goals and objectives are a basis for reward systems

Question 20

Success and progress in achieving goals and objectives will be indicated by how well the vision and mission are achieved.

Accepted Answer

Success and progress in achieving its mission and vision will be indicated by how well the goals and objectives are achieved

Quiz 6: International Monetary System